Cloud Encryption Software Market Growth, Trends and Projections for 2024-2033

The Business Research Company recently released a comprehensive report on the Global Cloud Encryption Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The cloud encryption software market size has grown exponentially in recent years. It will grow from $4.42 billion in 2023 to $5.83 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth in the historic period can be attributed to increased adoption of cloud computing technologies, growth in the demand for streamlined payroll processes, growth of the gig economy, increased focus on cost reduction, and growth of subscription-based software models.

The cloud encryption software market size is expected to see exponential growth in the next few years. It will grow to $17.82 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. The growth in the forecast period can be attributed to rising adoption of advanced AI, increasing demand for predictive analytics, rising demand for integrated forecasting solutions, increasing use of IOT devices, and increasing reliance on big data analytics. Major trends in the forecast period include hybrid encryption solutions, advanced key management, zero trust architecture, post-quantum cryptography readiness, data privacy, and regulatory compliance.

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Market Drivers and Trends:

The increasing cybersecurity threats are expected to propel the growth of the cloud encryption software market going forward. Cybersecurity threats refer to any potential malicious activities or actions that can damage or disrupt information systems, networks, data, or users. Cybersecurity threats are increasing due to increasing connectivity, digitalization of business processes, reliance on technology, the sophistication of cybercriminals, and vulnerabilities in software and hardware systems. Cloud encryption software reduces cybersecurity threats by encrypting data stored in the cloud, ensuring that the data remains unreadable and protected from theft even if unauthorized access occurs. For example, in April 2023, data from the Department for Science, Innovation, and Technology, a UK government body, cybercrime impacted 11% of businesses and 8% of charities in the previous year. This number increased to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities. Therefore, increasing cybersecurity threats are driving the growth of the cloud encryption software market.

Major companies operating in the cloud infrastructure automation software market are focusing on developing innovative solutions, such as infrastructure automation suites, to gain a competitive edge in the market. The infrastructure automation suite streamlines server configurations, software deployment, infrastructure discovery, and automation down to the network's infrastructure layer. It also provides telemetry on equipment performance to enhance AI operations decision-making. For instance, in February 2024, Dell Inc., a US-based technology company, launched a Telco Cloud Automation Suite, which includes new software for cloud infrastructure automation, enhanced capabilities for Telecom Infrastructure Blocks, and new partnerships. This suite is designed to automate multi-vendor network cloud infrastructure orchestration and lifecycle management. Dell has integrated this suite into its Telecom Infrastructure Blocks, providing support for 5G core workloads at the edge and certification for 5G Core, OSS, BSS, and open RAN workloads. The suite aims to address the telecom market's shift towards codifying networks, distributing networks, exploring edge deployment, and adopting open RAN and cloud (vRAN) technologies.

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Major Key Players of the Market:

Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., ServiceNow Inc., Palo Alto Networks Inc., Workday Inc., Red Hat Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Dropbox Inc., Lumen Technologies Inc., Progress Software Corporation, HashiCorp Inc., Canonical Ltd.

Cloud Encryption Software Market 2024 Key Insights:

• The cloud encryption software market size is expected to see exponential growth in the next few years. It will grow to $17.82 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%.
• Cybersecurity Threats Propel Cloud Encryption Software Market Growth
• Advancements In Cloud Encryption Software
• North America was the largest region in the cloud encryption software market in 2023

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